Financials

v3.5.0.2
CONDENSED CONSOLIDATED BALANCE SHEETS (unaudited) - USD ($)
Sep. 30, 2016
Dec. 31, 2015
Current assets:    
Cash and cash equivalents $ 5,906,000 $ 9,276,000
Accounts receivable 16,000 32,000
Prepaid expenses and other current assets 625,000 441,000
Mortgage note receivable, current portion 208,000 170,000
Total current assets 6,755,000 9,919,000
Property and equipment, net 320,000 430,000
Deposits 54,000 31,000
Mortgage note receivable, long-term portion 2,276,000 2,354,000
In process research and development 146,301,000 146,301,000
Goodwill 65,195,000 65,195,000
Total assets 220,901,000 224,230,000
Current liabilities:    
Accounts payable and accrued expenses 1,243,000 2,585,000
Derivative liabilities 1,907,000 4,115,000
Total current liabilities 3,150,000 6,700,000
Long-term liabilities    
Deferred rent 54,000 61,000
Deferred tax liability 49,875,000 49,875,000
Total long-term liabilities 49,929,000 49,936,000
Total liabilities 53,079,000 56,636,000
Stockholders' equity:    
Common stock, $.001 par value; 800,000 shares authorized; 714,032 and 694,396 issued and outstanding as of September 30, 2016 and December 31, 2015, respectively 714,000 694,000
Additional paid-in capital 238,784,000 229,456,000
Accumulated deficit (71,676,000) (62,556,000)
Total stockholders' equity 167,822,000 167,594,000
Total liabilities and stockholders' equity 220,901,000 224,230,000
Series A Convertible Preferred Stock    
Commitments and contingencies    
Series A convertible preferred stock, $0.001 par value; 1,000 shares authorized, 0 shares issued and outstanding at September 30, 2016 and December 31, 2015 respectively, issued in the merger with RFS Pharma, LLC
Stockholders' equity:    
Series B convertible preferred stock, $.001 par value; 5,000 shares authorized; 0 shares issued and outstanding at September 30, 2016 and December 31, 2015, respectively
Series B Convertible Preferred Stock    
Commitments and contingencies    
Series A convertible preferred stock, $0.001 par value; 1,000 shares authorized, 0 shares issued and outstanding at September 30, 2016 and December 31, 2015 respectively, issued in the merger with RFS Pharma, LLC
Stockholders' equity:    
Series B convertible preferred stock, $.001 par value; 5,000 shares authorized; 0 shares issued and outstanding at September 30, 2016 and December 31, 2015, respectively

Source

v3.5.0.2
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (unaudited) - USD ($)
$ in Thousands
3 Months Ended 9 Months Ended
Sep. 30, 2016
Sep. 30, 2015
Sep. 30, 2016
Sep. 30, 2015
Income Statement [Abstract]        
Grant Revenues $ 24 $ 78
Operating Expenses:        
Research and Development 2,093 2,177 7,803 5,751
General and Administrative (199) 1,437 3,630 3,902
Total operating expenses 1,894 3,614 11,433 9,653
Loss from operations (1,894) (3,590) (11,433) (9,575)
Other income (expense)        
Interest income 51 45 141 134
Realized gain (loss) on marketable securities (1,686)
Other income (expense), net 1 (1)
Change in fair value of warrants for the year ended December 31, 2014 (38) 3,036 2,173 (8,494)
Total other income (expense), net 13 3,082 2,313 (10,046)
Loss before income taxes (1,881) (508) (9,120) (19,621)
Income Tax Expense (52)
Net income (loss) $ (1,881) $ (508) $ (9,120) $ (19,673)
Net loss per common share:        
Income (loss) per share, basic $ 0.00 $ 0.00 $ (.01) $ (0.03)
Weighted average common shares outstanding, basic 707,478 694,375 702,634 609,803
Income (loss) per share, fully diluted $ 0.00 $ (0.01) $ (.02) $ (0.03)
Weighted average common shares outstanding, diluted 707,478 696,946 703,417 609,803

Source

v3.5.0.2
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (unaudited) - USD ($)
9 Months Ended
Sep. 30, 2016
Sep. 30, 2015
Operating activities:    
Net loss $ (9,120,000) $ (19,673,000)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation 159,000 133,000
Deferred income taxes 52,000
Stock-based compensation 297,000 2,049,000
Change in fair value of derivative liabilities (2,173,000) 8,494,000
Realized loss on marketable securities 1,686,000
Change in deferred rent (7,000)
Changes in operating assets and liabilities:    
Accounts receivable 16,000 7,000
Prepaid expenses and other current assets (184,000) (387,000)
Accounts payable and accrued expenses (1,342,000) 362,000
Net cash used in operating activities (12,354,000) (7,277,000)
Investing activities:    
Purchase of fixed assets (49,000) (217,000)
Long-term deposits (23,000)
Principal payments received on mortgage notes receivable 40,000 55,000
Net cash provided by investing activities (32,000) (162,000)
Financing activities    
Proceeds from issuance of common stock and warrants 9,013,000 15,862,000
Proceeds from exercise of stock options 3,000 20,000
Net cash provided by financing activities 9,016,000 15,882,000
Net increase (decrease) in cash and cash equivalents (3,370,000) 8,443,000
Cash and cash equivalents at beginning of period 9,276,000 3,970,000
Cash and cash equivalents at end of period 5,906,000 12,413,000
SUPPLEMENTAL DISCLOSURE OF NON-CASH INVESTING AND FINANCING ACTIVITIES:    
Unrealized loss on marketable securities net of tax (236,000)
Estimated fair value of warrants exchanged for common shares 13,862,000
Cashless exercise of warrants $ 35,000

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